00:28:07 · S2, Strauss Zelnick, John Coogan, Jordi Hays
[00:28:07] S2: Is there a concern? I mean, I I've... I think there is a concern that this is your big hit and that you don't have enough hits in your library. Can you... I mean, can you... How do you, like, knock that down? [00:28:22] S3: Well, look. We have 15 franchises that have each sold at least 5,000,000 units in an individual release. I think we have the best collection of owned intellectual property in the video game business, and I think that's reflected in our top line, our bottom line, and our market cap. So I guess the way I respond to it is, like, examine the fact. I don't I don't know. I'm... Look. We'd have an addition to Grand Theft Auto. We have Red Dead Redemption, a massive title. It sold over 65,000,000. It's in the most recent release. Red Dead Online, Grand Theft Auto Online. We have NBA two k, which is the second biggest sports title worldwide, but the biggest in North America. And build WWE two k, Bioshock Borderlands Civilization, and then on the mobile side, we're friends on Fox. [00:29:09] S0: Forgot about Bioshock. Right? That's a great series. [00:29:11] S3: Hundreds of other titles. [00:29:12] S1: Borderlands is a good Pretty good story. [00:29:14] S0: That's great. That's funny. I I didn't know that you were gonna pull up this clip. I saw a different one of him talking about artificial intelligence and just, like, the question of, like, how is Take-two embracing AI or not? [00:29:25] S1: Yeah.
00:29:25 · Jordi Hays, John Coogan
[00:29:25] S1: Yeah. [00:29:26] S0: And he was saying, like, this is very crafted. But the interesting thing was that he's like... But at the same time, like, it's all computer generated. Like, it's always been computer generated. So, like, we will use tools, but there's still a lot of love and human element creativity that comes in. But don't expect us to not... To stop using computers in 2026 when we've been using computers since the company was started. [00:29:49] S1: Yeah. But Yeah. So one Mhmm. Hilarious question and answer. [00:29:54] S0: Yeah. [00:29:54] S1: I would say in minor defense of the interviewer, there is like an extreme power law. Yeah. Like GTA is like such... Is such a Yeah. Like, if if Red Dead Redemption two is like a a Grand Slam, like, this is like whatever is beyond that. Right? [00:30:16] S0: Back to back Grand Slam. Back to back. I don't even know. The World Series. Yeah. The World Series. [00:30:20] S1: Yeah. But but yeah, it's just like a a different level. Right? Yeah. And so there is that power law. It is if you walk around on the street, do you know what GTA is? Like, so so for a non video game audience Yeah. Like, that... That's like kind of a fair question. Yeah.
00:30:34 · John Coogan, Jordi Hays
[00:30:34] S0: Who... One... Are you... Yeah. It's also it's also fascinating that GTA is trying to... They are trying to hit two grand slams simultaneously. Because the first is on the single player game, the story, how it feels to play it, how people talk about it, how it's like you have to sit down on day one, play for hours, the game mechanics, the polish, like, the actual core game. And then there's the economic engine that comes after, which is GTA Online. And that has been massive on GTA five. And so... But I see those as... Obviously, they're deeply related. If it's a good game, a lot of people stick around and play for a long time and wind up spending more money on in game currency and whatnot, and that will drive the business. But they are somewhat different products, somewhat different businesses, different Yeah. Artistic and business challenges. And so, it's it's very interesting. It's also... It was also funny to me people calling for like a no AI in video games because it's like like, the the NPCs have always been AI. No computer generated graphics. That's one thing. But also, like like, even even the the, like, the enemies that you play against, like, they are AI. Like, they decide, like, okay. I'm gonna drive this way. I'm gonna, like, turn... Take a left turn at the light or pause at the light. If you have no AI, it's just this, like, empty world in the old world. But then, of course, people [00:31:56] S1: Leave talk about me alone. Yeah. Leave me alone. [00:31:58] S0: Yeah. [00:31:59] S1: It's it's been But but, yeah, incredible answer by Strauss and
00:31:59 · Jordi Hays, John Coogan
[00:31:59] S1: It's it's been But but, yeah, incredible answer by Strauss and [00:32:03] S0: Holy greatest ever do [00:32:04] S1: it. Would would a little little embarrassing. Yeah. Where should we go next? There's a couple things I want [00:32:10] S0: to to talk public. Take two, also, the market loved it. So Public invest across all asset classes, automate anything with AI agents, run trading strategies, risk management, money movements, monitor markets with AI agents for investing on Public. Take two is up today. Everything else is tanking. But take two, it's a flight to safety. It's up 10% in the last five days. [00:32:31] S1: There we go. [00:32:31] S0: Everyone's like, okay. Great answer. Great answer. I understand that [00:32:35] S1: you have a diversified basket of incredible IP. [00:32:38] S0: Yeah. It is like people are gonna [00:32:39] S1: be playing games. Improvement ability to create hits [00:32:42] S0: Yeah. Yeah. No, no. It's a good business. Wanna talk [00:32:47] S1: got a post here from Dalian. Yeah. He said someone put a little boy Sean McGuire in Pat Grady's coffee this morning. I agree. He's a lot Yeah. A lot of people were, you know, Sequoia making some changes to their strategy, continuing their evolution.
00:32:47 · Jordi Hays, John Coogan
[00:32:47] S1: got a post here from Dalian. Yeah. He said someone put a little boy Sean McGuire in Pat Grady's coffee this morning. I agree. He's a lot Yeah. A lot of people were, you know, Sequoia making some changes to their strategy, continuing their evolution. [00:33:02] S0: Yeah. The core we... You familiar with, like, the core of what they're doing? They're shuttering the London office. They've already spun off the India and China strategies. So really focused out of their, American headquarters effectively. And then, and then consolidating the partnership and the core team as well. And then, also merging seed and growth, early stage and growth, venture and growth. So it's just like there's a group of investors, and they can do whatever they need to in the market. And then they're not gonna have partner meetings either because they say, founders work twenty four seven. We'll be available when they're... When when they're available. When they need us, we'll be there, and we'll be able to make deal decisions. It feels like a very modern format, and it seems like a good move, but a lot of people are a little defensive. Right? Because it's it's implicitly taking shots at, well, maybe you don't need to be investing if you're in Europe or something, or you don't need to be there on the ground to win the European deals because Sequoia has won a lot of European deals, and their American based partners have been the ones to win those sometimes. Yeah. So anything else in this?
00:33:02 · John Coogan, Jordi Hays
[00:33:02] S0: Yeah. The core we... You familiar with, like, the core of what they're doing? They're shuttering the London office. They've already spun off the India and China strategies. So really focused out of their, American headquarters effectively. And then, and then consolidating the partnership and the core team as well. And then, also merging seed and growth, early stage and growth, venture and growth. So it's just like there's a group of investors, and they can do whatever they need to in the market. And then they're not gonna have partner meetings either because they say, founders work twenty four seven. We'll be available when they're... When when they're available. When they need us, we'll be there, and we'll be able to make deal decisions. It feels like a very modern format, and it seems like a good move, but a lot of people are a little defensive. Right? Because it's it's implicitly taking shots at, well, maybe you don't need to be investing if you're in Europe or something, or you don't need to be there on the ground to win the European deals because Sequoia has won a lot of European deals, and their American based partners have been the ones to win those sometimes. Yeah. So anything else in this? [00:34:08] S1: Oh, I just thought it was amazing that Pat was Pat was firing back. Yeah. He asked James, did you guys have an emergency? How do we use this to dep... Deposition Sequoia meeting? [00:34:20] S0: Yeah.